NZD/USD does not get intimidated by 0.80

NZD/USD keeps attacking the resistance at 0.7970, formed by the four-month down-trend, monthly pivot point and 23.6% retracement of July-October decline. The base case scenario is the pair retreating from this level back to this year's minimum at 0.77. However, if the bulls gain the upper hand, the Kiwi will have a good possibility to reach 0.81, where the weekly R2 coincides with the 55-day SMA.

There is still indecisiveness on NZD/USD market—the numbers of bullish and bearish market participants are perfectly equal. However, looking at the distribution between the buy (30%) and sell (70%) orders, the sentiment is rather negative than positive.